Kyrrex Receives VFA Class 4 License – Crypto Reporter

kyrrex-receives-vfa-class-4-license-–-crypto-reporter

Kyrrex is a crypto-fiat ecosystem based in Malta that operates worldwide and has an average 24-hour trading volume of about $30 millions.

First, what is Kyrrex?

Kyrrex is bridging the gap between the banking sector and the cryptocurrency markets by offering products and services relevant to a broad range of individuals and entities. Global accessibility combined with the reliability of traditional banking, reflects the platform’s versatility and novelty on a global scale.

Launched in 2018 by Viktor Kochetov & Mykhail Romanenko, a crypto-fiat ecosystem Kyrrex has become a wide set of products and services. Kyrrex is a helpful and secure instrument for users who work with digital assets daily. Today, its main product is Kyrrex Crypto Exchange, where various cryptocurrency transactions are performed.

It has recently obtained a Class 4 VFA Service Provider license in Malta, proving its reputation as a reliable partner in cryptocurrency matters.

Under the Class 4 VFA License, Real Exchange (REX) LTD will provide its VFA services to experienced and novice investors in full compliance with the EU regulations. It includes VFA exchange management, own account transactions, custody and control of client assets. Class 4 VFA License by the Malta Financial Services Authority (MFSA) makes Kyrrex one of the few cryptocurrency exchanges to have received such recognition.

“For Kyrrex, the Class 4 VFA License is the result of many years of work in the field of digital assets. It took the company three long years to meet all requirements. Many of them were not only strict, but also long-term. We showed the authority that Kyrrex can handle the highest level. Moreover, the license helps us to reach one of the main goals — to allow Investors and traders to be convinced that their funds are under protection and all transactions are absolutely legal. In the future, the license will open up opportunities such as online banking, tokenization platform, margin trading, trading ideas and social trading. It’s a new step in Kyrrex’s development, thanks to which we will be able to expand the range of our services for users,” Viktor Kochetov, CEO, Kyrrex Founder, noted.

Kyrrex Maltese Exchange is known for its large number of trading instruments, a large volume of liquidity, and high transaction processing speed. Kyrrex is now able to accept EU residents on its platform.

This highest type of license permits providing customers with a large pool of crypto-related products, like trading, deposit program, crypto-fiat, and fiat-crypto exchange, cryptocurrency payment services.

“The number of digital assets in the world is growing rapidly, and with it the need for a clear regulation of this sphere. Thanks to the Malta license, we are closer to the mission of the exchange, namely to provide a wide portfolio of products for our clients,” said Viktor Kochetov, CEO, Founder Kyrrex.

Compliance with international legal obligations to regulate digital assets is proof of how secure the service Kyrrex provides to users worldwide. It is another achievement for the Kyrrex ecosystem and recognizes the company’s activities by an international regulator.

Moreover – on the 25th Oct Kyrrex has announced the launch of the presale round for its KRRX Token with a broad use across features and services and the exclusive benefits to the holders.

KRRX Token Benefits and Features

The most interesting feature is the KRRX token which implies different conditions for interacting with Kyrrex services and functions. The best part of the token is that it provides exclusive benefits for all KRRX holders. For example, it makes trading commissions lower.

Specifically, the platform will assign each account into the General, Beginner, Pro Trader, Insider, Institutional, and Market Maker categories. Furthermore, Kyrrex will be offering discounts on all trading fees.

Check out KRRX distribution

Public Market: Kyrrex is planning to issue 50.0 percent of KRRX on the market in three separate public rounds with full availability in the marketplace:

● The platform has completed the first private sale round.

● Kyrrex is currently carrying out the second round, namely presale. The platform will offer the discounted price of KRRX/US$ 0.7.

● The full price during the third round of listing on the top-tier exchanges at the end of November 2021 will be KRRX/US$ 1.0 for KRRX 150,000,000.

Operational needs: 20.0 percent of the supply will serve as working capital for covering operational needs with the preemptive purchasing right held by the team.

Lock and release: the platform will lock the remaining 30.0 percent of the tokens for 4 years with subsequent releases every 6 months and availability on the platform. Kyrrex will not release more than 20.0 percent of the original amount in each respective interval.

Use of Funds: Kyrrex will allocate the raised funds for the development of ecosystem products, marketing, legal support for obtaining licenses in the new regions, as well as insurance funds. The mentioned categories will account for 45.0 percent, 35.0 percent, 10.0 percent, and 10.0 percent, respectively.

The platform will burn part of the tokens received as commissions every quarter. Specifically, the disposal will concern at least 50.0 percent of the issued tokens.

Finally better to pay attention to Kyrrex & KRRX key features

The Social Trading feature will enable users to follow other traders at a fixed fee. The payment methods available are fiat currencies, cryptocurrencies, or KRRX tokens. The traders collect full fees paid by their subscribers.

The Multi-Account Management will include the trading services of a manager or a trader in exchange for the share of the profit made. The traders will gain the ability to receive bonuses upon the acceptance of the KRRX tokens.

The Referral Program will also offer bonuses after a user attracts 3 or more of their peers. The implementation of the three latter features will occur in the first quarter of 2022.

The Online Banking feature expected in the fourth quarter of 2022 will offer a 20.0 percent cash back for purchases within the app, a 3.0 percent on card transactions. Such a feature will also contain discounts, increased cashback, and payment widgets. Users who pass verification on the exchange will be receiving 20 KRRX tokens.

The project really deserves your attention, that’s why join Kyrrex socials to stay on top https://linktr.ee/Kyrrex

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About the Author: Kate